When a couple ends their marriage, they must untangle all the assets they accumulated while they were together. This process is known as property division, and it can be very contentious.
If you own a home together, one of the most pressing questions you will seek answers to during the property division process is what to do with your marital home.
When keeping the home may be a good idea
First, if you have school-going children, keeping the home can go a long way in providing stability for them. Keep in mind that they are going through emotional turbulence as a result of your divorce. Thus, maintaining the same living environment could help give them an impression of permanence.
When keeping the home may not be a great idea
Keeping a marital home also comes with its share of drawbacks. One of these is the cost. Keeping the home after going through a costly divorce can be a tall order, especially if you cannot afford the mortgage payments. The last thing you want is to deal with yet another financial burden while transitioning to a new phase of life. And even if you are not servicing any mortgage, there are still other costs associated with home ownership. These include home insurance, homeowner association’s fee and other home maintenance charges. If you cannot afford these fees, then you may be better off giving up the home.
Safeguarding your interests
When a marriage ends in a divorce, deciding what to do with a marital home can be difficult. Learning how Connecticut marital property laws work can help you protect your rights when deciding how to approach the property division process. Working with an experienced legal professional can help to ensure that your interests remain protected throughout your divorce.